Budget and Financial Planning Bill for the 58th Cosa

Started by Baron Alexandreu Davinescu, March 04, 2023, 01:12:01 PM

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Üc R. Tärfă

#15
Quote from: Baron Alexandreu Davinescu on March 13, 2023, 11:25:32 AMIs there some particular information you'd like me to add, to which you are referring?

Lexh § C.1.5.6.2. (a detailed list of all changes in the account balances of the Royal Treasury since the last Report,) and § C.1.5.6.3. (a balance sheet which clearly lists all expenses linking them to the relative sheet items in the budget bills approved in the Cosa,)


Regarding Lexh § C.1.5.6.4. (the total amount of louise and postal items in circulation;) I understand that there are some difficulties because they are kept by the former former BIR, I hope that it could be resolved in due time.
Üc Rêntz'ëfiglheu Tärfâ
Membreu dal Cosă | Distain Grefieir d'Abbavilla
FREEDEMS President | Presedint dels Democrätici Livereschti
Keys to the Kingdom (Cézembre), Stalwart of the Four Stars (Fiovă)

Baron Alexandreu Davinescu

#16
Yes, I will provide that information as soon as it is possible.
Alexandreu Davinescu, Baron Davinescu del Vilatx Freiric del Vilatx Freiric es Guaír del Sabor Talossan


Bitter struggles deform their participants in subtle, complicated ways. ― Zadie Smith
Revolution is an art that I pursue rather than a goal I expect to achieve. ― Robert Heinlein

Baron Alexandreu Davinescu

Would there be objection if we lodged a significant portion of our funds into something with a higher yield but which still doesn't represent significant speculation?  I was thinking here in terms of a bank certificate of deposit with a six-month term.
Alexandreu Davinescu, Baron Davinescu del Vilatx Freiric del Vilatx Freiric es Guaír del Sabor Talossan


Bitter struggles deform their participants in subtle, complicated ways. ― Zadie Smith
Revolution is an art that I pursue rather than a goal I expect to achieve. ― Robert Heinlein

Ian Plätschisch

Quote from: Üc R. Tärfâ on March 13, 2023, 01:24:03 PMLexh § C.1.5.6.2. (a detailed list of all changes in the account balances of the Royal Treasury since the last Report,) and § C.1.5.6.3. (a balance sheet which clearly lists all expenses linking them to the relative sheet items in the budget bills approved in the Cosa,)

A balance sheet lists assets and liabilities at a specific time, not income and expense over time (That is what an income statement does) If C.1.5.6.3 is really phrased that way, it should probably be fixed.

</Accounting pedantry >

Breneir Tzaracomprada

Quote from: Ian Plätschisch on March 17, 2023, 11:03:06 AM
Quote from: Üc R. Tärfâ on March 13, 2023, 01:24:03 PMLexh § C.1.5.6.2. (a detailed list of all changes in the account balances of the Royal Treasury since the last Report,) and § C.1.5.6.3. (a balance sheet which clearly lists all expenses linking them to the relative sheet items in the budget bills approved in the Cosa,)

A balance sheet lists assets and liabilities at a specific time, not income and expense over time (That is what an income statement does) If C.1.5.6.3 is really phrased that way, it should probably be fixed.

</Accounting pedantry >

Revision submitted to Hopper. https://wittenberg.talossa.com/index.php?topic=2240.msg18370#msg18370


Distain, MC
Fighting the good fight

Üc R. Tärfă

Quote from: Baron Alexandreu Davinescu on March 17, 2023, 08:30:47 AMWould there be objection if we lodged a significant portion of our funds into something with a higher yield but which still doesn't represent significant speculation?  I was thinking here in terms of a bank certificate of deposit with a six-month term.

Depends: you have to provide the details of such an investment.
Üc Rêntz'ëfiglheu Tärfâ
Membreu dal Cosă | Distain Grefieir d'Abbavilla
FREEDEMS President | Presedint dels Democrätici Livereschti
Keys to the Kingdom (Cézembre), Stalwart of the Four Stars (Fiovă)

Baron Alexandreu Davinescu

Well, I just gave you most of the major information about the idea. What further details do you want? I don't have a specific interest rate, but it's going to be higher than a savings account.
Alexandreu Davinescu, Baron Davinescu del Vilatx Freiric del Vilatx Freiric es Guaír del Sabor Talossan


Bitter struggles deform their participants in subtle, complicated ways. ― Zadie Smith
Revolution is an art that I pursue rather than a goal I expect to achieve. ― Robert Heinlein

Ian Plätschisch

I actually looked into doing that a couple years ago. I decided it wasn't worth the tax headache it would cause the Burgermeister.

Sir Txec dal Nordselvă, UrB

Remember the treasury is technically held by an individual, which means he or she might have tax liabilities.
Sir Txec Róibeard dal Nordselvă, UrB, GST, O.SPM, SMM
Secretár d'Estat
Guaír del Sabor Talossan
The Squirrel Viceroy of Arms, The Rouge Elephant Herald, RTCoA
Cunstaval da Vuode
Justice Emeritus of the Uppermost Cort
Former Seneschal

Baron Alexandreu Davinescu

That makes sense. We're actually exploring the idea of getting an EIN or registering a 501c3, though. The new burgermeister volunteered and the Seneschal directed us to explore the idea.

@xpb , do you want to tell them what you told me about those possibilities?
Alexandreu Davinescu, Baron Davinescu del Vilatx Freiric del Vilatx Freiric es Guaír del Sabor Talossan


Bitter struggles deform their participants in subtle, complicated ways. ― Zadie Smith
Revolution is an art that I pursue rather than a goal I expect to achieve. ― Robert Heinlein

Üc R. Tärfă

#25
Quote from: Baron Alexandreu Davinescu on March 18, 2023, 07:33:00 AMThat makes sense. We're actually exploring the idea of getting an EIN or registering a 501c3, though. The new burgermeister volunteered and the Seneschal directed us to explore the idea.

@xpb , do you want to tell them what you told me about those possibilities?

Wasn't this already explored in the past?

Quoteand the Seneschal directed us to explore the idea.

When?
Üc Rêntz'ëfiglheu Tärfâ
Membreu dal Cosă | Distain Grefieir d'Abbavilla
FREEDEMS President | Presedint dels Democrätici Livereschti
Keys to the Kingdom (Cézembre), Stalwart of the Four Stars (Fiovă)

Breneir Tzaracomprada

Quote from: Üc R. Tärfâ on March 18, 2023, 07:41:16 AM
Quote from: Baron Alexandreu Davinescu on March 18, 2023, 07:33:00 AMThat makes sense. We're actually exploring the idea of getting an EIN or registering a 501c3, though. The new burgermeister volunteered and the Seneschal directed us to explore the idea.

@xpb , do you want to tell them what you told me about those possibilities?

Wasn't this already explored in the past?

Quoteand the Seneschal directed us to explore the idea.

When?

A few days ago.


Distain, MC
Fighting the good fight

xpb

Quote from: Üc R. Tärfâ on March 18, 2023, 07:41:16 AM
Quote from: Baron Alexandreu Davinescu on March 18, 2023, 07:33:00 AMThat makes sense. We're actually exploring the idea of getting an EIN or registering a 501c3, though. The new burgermeister volunteered and the Seneschal directed us to explore the idea.

@xpb , do you want to tell them what you told me about those possibilities?

Wasn't this already explored in the past?

Quoteand the Seneschal directed us to explore the idea.

When?

I sit on the board of the a Community Foundation.  I manage a scholarship fund there honoring my father and grandfather, as well an Intellectual Competition Fund.  Both instances have funds on deposit that are a permanent endowment that generate income, as well as a current distribution account. 

Accounts there need to have a educational purpose, and Talossa could be proposed as a fund - as a long running virtual nation where there are political and administrative activities that provide a learning experience.  All accounts are overseen by a board, which I also sit upon, however there are many accounts that have their various managers that do not sit on the board and just operate under the organizational umbrella.  There is professional management of the portfolio, and there is a controller and accountant overseeing disbursements as well as tax filings.  The current president of the board is a lawyer.

There may also be similar entities within the Greater Talossan Ares with a similar scope and purpose - is anyone there involved with such an organization?

In some fashion, I believe it would be much better for the treasury not to be attached to any individual.

X Pol Briga
Burgermeister of Inland Revenue


Miestră Schivă, UrN

If this is a roundabout way of creating an actual Talossan legal entity which can own investments/intellectual property, this is something I've wanted to see for ages but it always ended up in the "too hard" basket.

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xpb

Quote from: Miestră Schivă, UrN on March 18, 2023, 03:21:33 PMIf this is a roundabout way of creating an actual Talossan legal entity which can own investments/intellectual property, this is something I've wanted to see for ages but it always ended up in the "too hard" basket.

Not sure about the IP for "Talossa" - I do know an IP lawyer.  My estimate to setup a TM for Talossa would be around $2000, with the https://www.uspto.gov/ but I would happily contribute $500 to that end.  Likely would need to create a 501cX as well as a holding unless it was held by some existing 501cX.  501c3 are charitable and have tax deductibility but are more challenging to establish.  Something like a 503c8 may apply https://www.irs.gov/charities-non-profits/other-non-profits/fraternal-societies